A leading financial services company in Massachusetts, East Boston Savings Bank has presence in several other states too. Among the most important personal loan options here include its innovative credit builder loan program.
As the name suggests, the loan program helps borrowers improve their credit scores and also meet little financial needs. It is most suitable for a college graduate or someone who has never taken a loan and has no credit history at all.
Someone with a bad credit history may also use the credit builder loan program to improve their credit and be able to apply for a bigger personal loan. The advantage with this loan is low fixed interest rate. Moreover, it also comes with flexible terms and other features.
Other Personal Loan Options
Besides credit builder loans, East Boston Savings Bank offers auto loans and home equity lines of credit to help meet your specific needs.
Borrowers can take auto loans to buy a new or used vehicle. The bank can finance up to $50,000, but the borrowers must have some money to put down towards the purchase of a car.
The home equity line of credit (HELOC) is another option that you can use to meet certain financial needs on a recurring basis. The limit of the credit line may range between $25,000 and $500,000 and there may be an annual fee of $50 to use the line of credit.
Low Interest Rates
A personal loan is usually not recommended because of high interest rate associated with it. However, it becomes the best option in certain cases, such as when you need to consolidate high interest credit card debts and when you are stuck in a severe emergency.
The most important thing to do when a personal loan becomes unavoidable is to search for an option with the lowest interest rate. The most usual way to explore and find the best rate is to go shopping.
As a resident of Massachusetts, East Boston Savings Bank might be an option for you, but you should try to compare its rate with several other lenders out there. There are big banks, local banks, credit unions, peer-to-peer lenders, online lenders and installment loan providers, to name just a few.
Don’t apply at too many lenders in quick succession and never allow them to conduct a hard pull on your credit report. Rather, you may allow them to do a soft enquiry so as to not affect your credit score. Keep negotiating with the lenders until you are offered with the best rate. Compare all the lenders and go with the one that has the best offers.